In 1983, the University's Board of Visitors created a task force to take an in-depth look at the deteriorating conditions of fraternity/sorority housing. A limited partnership plan emerged as the most attractive option to reverse the deterioration of many of the stately houses. The Historic Renovation Corporation (HRC) was then set up to serve as the general partner in a number of limited partnerships with alumni investors. By creating limited partnerships for each house, HRC was able to purchase and renovate sixteen fraternities, one sorority and a language house - the majority of which are located in the Rugby- University Corner Historic District. After the renovations were completed and the investors had received approximately eight years of financial returns and benefits of historic tax credits, HRC was able to sell all of these houses back to their original alumni owners.

Currently, HRC is providing property management services on behalf of the alumni owners of eleven houses.